SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: April 4, 1997
CHASE FUNDING, INC.
(formerly known as 'Chemical Mortgage Securities, Inc.')
--------------------------------------------------------
(Exact name of registrant as
specified in its charter)
New York 33-68724 13-3436103
-------- -------- ----------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
---------------------------------------- -----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 834-5316
<PAGE>
Item 5. Other Events.
On or about January 27, 1997, interest and principal, in accordance with the
Pooling and Servicing Agreement dated as of January 1, 1996 (the "Agreement"),
among Chase Funding, Inc., (formerly known as 'Chemical Mortgage Securities,
Inc.'), Chase Manhattan Mortgage Corporation, as the master servicer, and The
First National Bank of Chicago as Trustee (the "Trustee"), were distributed to
holders of the Multi-Class Mortgage Pass-Through Certificates, Series 1996-1
evidencing the entire beneficial ownership interest in a trust fund
consisting of a segregated pool of conventional one- to four-family fixed
rate first-lien mortgage loans. A copy of the Monthly Report, prepared
pursuant to the Agreement, was furnished to the Trustee in accordance with the
Agreement. A copy of the Monthly Report is being filed as Exhibit 20.1
to this Current Report on Form 8-K.
On or about February 25, 1997, interest and principal, in accordance with the
Agreement were distributed to holders of the Multi-Class Mortgage Pass-Through
Certificates, Series 1996-1. A copy of the Monthly Report, prepared pursuant
to the Agreement, was furnished to the Trustee in accordance with the
Agreement.
A copy of the Monthly Report is being filed as Exhibit 20.2 to this Current
Report on Form 8-K.
On or about March 25, 1997, interest and principal, in accordance with the
Agreement were distributed to holders of the Multi-Class Mortgage Pass-Through
Certificates, Series 1996-1. A copy of the Monthly Report, prepared pursuant
to the Agreement, was furnished to the Trustee in accordance with the
Agreement.
A copy of the Monthly Report is being filed as Exhibit 20.3 to this Current
Report on Form 8-K.
Item 7(c). Exhibits.
Exhibit No. Description
----------- -----------
20.1 Monthly Report for the month ended
December 31, 1996.
20.2 Monthly Report for the month ended
January 31, 1997.
20.3 Monthly Report for the month ended
February 28, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: April 4, 1997
CHASE FUNDING, INC.
By: /s/ Robert J. Kent
------------------
Name: Robert J. Kent
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
----------- -----------
20.1 Monthly Report for the month
ended December 31, 1996
20.2 Monthly Report for the month
ended January 31, 1997
20.3 Monthly Report for the month
ended February 28, 1997
Exhibit 20.1
- ---------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
- ---------------------------------------------------------------------------
DISTRIBUTION: 27-Jan-97 Page 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING REALIZED REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL LOSS LOSS CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 90,918,000.43 83,545,000.74 485,248.06 504,751.07 989,999.13 0.00 0.00 83,059,752.68
A-2 40,932,000.00 37,612,617.43 218,462.50 219,406.94 437,869.44 0.00 0.00 37,394,154.93
A-3 20,466,000.00 18,806,308.71 109,231.25 121,457.41 230,688.66 0.00 0.00 18,697,077.46
A-4 9,139,000.00 9,138,999.95 0.01 53,310.83 53,310.84 0.00 0.00 9,138,999.94
A-5 1,000,000.00 1,000,000.00 0.00 6,250.00 6,250.00 0.00 0.00 999,999.99
A-6 2,713,000.00 2,712,999.99 0.00 18,086.67 18,086.67 0.00 0.00 2,712,999.99
A-7 23,127,000.00 23,127,000.00 0.00 139,725.63 139,725.63 0.00 0.00 23,127,000.00
A-8 13,697,000.00 13,697,000.00 0.00 79,899.17 79,899.17 0.00 0.00 13,697,000.00
A-9 24,100,000.00 23,909,000.53 18,378.09 144,450.21 162,828.30 0.00 0.00 23,890,622.44
A-10 N/A N/A N/A 1,940.41 1,940.41 0.00 0.00 N/A
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-RL 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 6,013,000.00 5,965,345.24 4,585.37 36,040.63 40,626.00 0.00 0.00 5,960,759.87
B-2 3,607,000.00 3,578,413.47 2,750.61 21,619.58 24,370.19 0.00 0.00 3,575,662.86
B-3 2,406,000.00 2,386,931.75 1,834.76 14,421.05 16,255.81 0.00 0.00 2,385,096.99
B-4 962,000.00 954,375.87 733.60 5,766.02 6,499.62 0.00 0.00 953,642.27
B-5 481,000.00 477,187.93 366.80 2,883.01 3,249.81 0.00 0.00 476,821.13
B-6 962,552.00 954,923.50 734.02 5,769.33 6,503.35 0.00 0.00 954,189.48
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 240,523,752.43 227,866,105.11 842,325.08 1,375,777.96 2,218,103.04 0.00 0.00 227,023,780.03
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT. CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
- ------------------------------------------------- ----------------------
<S> <C> <C> <C> <C> <C>
A-1 5.33720559 5.55171768 913.56774551 A-1 7.25%
A-2 5.33721561 5.36027900 913.56774489 A-2 7.00%
A-3 5.33720561 5.93459445 913.56774440 A-3 7.75%
A-4 0.00000109 5.83333297 999.99999343 A-4 7.00%
A-5 0.00000156 6.25000000 999.99999455 A-5 7.50%
A-6 0.00000156 6.66666790 999.99999455 A-6 8.00%
A-7 0.00000018 6.04166688 999.99999982 A-7 7.25%
A-8 0.00000000 5.83333358 1000.00000000 A-8 7.00%
A-9 0.76257635 5.99378465 991.31213444 A-9 7.25%
A-10 N/A 0.14166679 N/A A-10 0.17%
A-R 0.00000000 0.00000000 0.00000000 A-R 7.25%
A-RL 0.00000000 0.00000000 0.00000000 A-RL 7.25%
B-1 0.76257609 5.99378513 991.31213537 B-1 7.25%
B-2 0.76257555 5.99378431 991.31213197 B-2 7.25%
B-3 0.76257689 5.99378637 991.31213217 B-3 7.25%
B-4 0.76257796 5.99378378 991.31213098 B-4 7.25%
B-5 0.76257796 5.99378378 991.31212058 B-5 7.25%
B-6 0.76257698 5.99378527 991.31214152 B-6 7.25%
- ---------------------------------------------------- --------------------
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
-----------------------------------------------------------
DIANE WALLACE
CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-8583
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
<PAGE>
- ------------------------------------------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
- ------------------------------------------------------------------------------------------------------------
DISTRIBUTION: 27-Jan-97 Page 2
SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS 667,171.64
SEC. 4.02 (ii) SERVICING FEE 141,392.96
SEC. 4.02 (iv) CURRENT ADVANCES 4,040.33
OUTSTANDING ADVANCES 8,080.66
SEC. 4.02 (v) ENDING NUMBER OF LOANS 744
ENDING STATED PRINCIPAL BALANCE 227,023,780.03
SEC. 4.02 (vi) SENIOR PERCENTAGE 83.174981%
CLASS B PERCENTAGE 6.301619%
CLASS B1 PERCENTAGE 2.625610%
CLASS B2 PERCENTAGE 1.575017%
CLASS B3 PERCENTAGE 1.050593%
CLASS B4 PERCENTAGE 0.420063%
CLASS B5 PERCENTAGE 0.210031%
CLASS B6 PERCENTAGE 0.420304%
SEC. 4.02 (vii) ENDING RESERVE FUND BALANCE 3,000.00
SEC. 4.02 (viii) CLASS A-8 DISTRIBUTION DEFICIENCY 0.00
PAYMENTS UNDER POLICY 0.00
CLASS A-8 DISTRIBUTION 79,899.17
-----------------------------------------------
SEC. 4.02 (ix) DELINQ. & FORECLOSURES CATEGORY NUMBER STAT PRIN BAL
-----------------------------------------------
30-59 DAYS 2 531,125.24
60-89 DAYS 0 0.00
90+ DAYS 0 0.00
FORECLOSURE 0 0.00
-----------------------------------------------
-----------------------------------------------
SEC. 4.02 (x) RECENT REO PROPERTY LOAN # STAT PRIN BAL DATE OF ACQ.
-----------------------------------------------
N/A 0.00 N/A
-----------------------------------------------
SEC. 4.02 (xi) BOOK VALUE OF REO PROPERTY 0.00
SEC. 4.02 (xii) REMAINING SPECIAL HAZARD AMOUNT 3,714,454.00
REMAINING FRAUD LOSS AMOUNT 4,810,475.00
REMAINING BANKRUPTCY AMOUNT 100,000.00
UNPAID
CLASS INTEREST CLASS UNPAID INTEREST
-------------------------------------------------------
SEC. 4.02 (xiii) CLASS A-1 0.00 CLASS A-10 0.00
CLASS A-2 0.00 CLASS A-R 0.00
CLASS A-3 0.00 CLASS A-RL 0.00
CLASS A-4 0.00 CLASS B-1 0.00
CLASS A-5 0.00 CLASS B-2 0.00
CLASS A-6 0.00 CLASS B-3 0.00
CLASS A-7 0.00 CLASS B-4 0.00
CLASS A-8 0.00 CLASS B-5 0.00
CLASS A-9 0.00 CLASS B-6 0.00
<PAGE>
SEC. 4.02 (xiv) SENIOR PREPAYMENT PERCENTAGE 100.000000%
B1 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B2 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B3 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B4 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B5 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B6 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
SEC. 4.02 (xvi) RECOVERIES ON FORECLOSURES 0.00
SEC. 4.02 (xvii) WEIGHTED AVERAGE REMAINING TERM 345
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE 7.993827%
SEC. 4.02 (xix) GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT 812,941.83
GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT 18,378.09
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 11,005.16
POOL BALANCE 227,023,780.03
</TABLE>
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
Exhibit 20.2
- ---------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
- ---------------------------------------------------------------------------
DISTRIBUTION: 25-Feb-97 Page 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING REALIZED REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL LOSS LOSS CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 90,918,000.43 83,059,752.68 1,509.578.74 501,819.34 2,011,398.08 0.00 0.00 81,550,173.94
A-2 40,932,000.00 37,394,154.93 679,624.25 218,132.57 897,756.82 0.00 0.00 36,714,530.68
A-3 20,466,000.00 18,697,077.46 339,812.12 120,751.96 460,564.08 0.00 0.00 18,357,265.34
A-4 9,139,000.00 9,138,999.94 0.01 53,310.83 53,310.84 0.00 0.00 9,138,999.93
A-5 1,000,000.00 999,999.99 0.00 6,250.00 6,250.00 0.00 0.00 999,999.99
A-6 2,713,000.00 2,712,999.99 0.00 18,086.67 18,086.67 0.00 0.00 2,712,999.98
A-7 23,127,000.00 23,127,000.00 0.00 139,725.62 139,725.62 0.00 0.00 23,127,000.00
A-8 13,697,000.00 13,697,000.00 0.00 79,899.17 79,899.17 0.00 0.00 13,697,000.00
A-9 24,100,000.00 23,890,622.44 18,641.59 144,339.18 162,980.77 0.00 0.00 23,871,980.85
A-10 N/A N/A N/A 1,940.41 1,940.41 0.00 0.00 N/A
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-RL 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 6,013,000.00 5,960,759.87 4,651.12 36,012.92 40,664.04 0.00 0.00 5,956,108.75
B-2 3,607,000.00 3,575,662.86 2,790.05 21,602.96 24,393.01 0.00 0.00 3,572,872.81
B-3 2,406,000.00 2,385,096.99 1,861.06 14,409.96 16,271.02 0.00 0.00 2,383,235.93
B-4 962,000.00 953,642.27 744.12 5,761.59 6,505.71 0.00 0.00 952,898.15
B-5 481,000.00 476,821.13 372.06 2,880.79 3,252.85 0.00 0.00 476,449.07
B-6 962,552.00 954,189.48 744.54 5,764.89 6,509.43 0.00 0.00 953,444.95
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 240,523,752.43 227,023,780.03 2,558,819.66 1,370,688.86 3,929,508.52 0.00 0.00 224,464,960.37
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT. CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
- ------------------------------------------------- ----------------------
<S> <C> <C> <C> <C> <C>
A-1 16.60373890 5.51947181 896.96400662 A-1 7.25%
A-2 16.60373913 5.32914517 896.96400576 A-2 7.00%
A-3 16.60373888 5.90012509 896.96400551 A-3 7.75%
A-4 0.00000109 5.83333297 999.99999234 A-4 7.00%
A-5 0.00000078 6.25000000 999.99999378 A-5 7.50%
A-6 0.00000078 6.66666790 999.99999378 A-6 8.00%
A-7 0.00000000 6.04166645 999.99999982 A-7 7.25%
A-8 0.00000000 5.83333358 1000.00000000 A-8 7.00%
A-9 0.77350996 5.98917759 990.53862448 A-9 7.25%
A-10 N/A 0.14166679 N/A A-10 0.17%
A-R 0.00000000 0.00000000 0.00000000 A-R 7.25%
A-RL 0.00000000 0.00000000 0.00000000 A-RL 7.25%
B-1 0.77351073 5.98917678 990.53862465 B-1 7.25%
B-2 0.77350984 5.98917660 990.53862212 B-2 7.25%
B-3 0.77350790 5.98917706 990.53862427 B-3 7.25%
B-4 0.77351351 5.98917879 990.53861746 B-4 7.25%
B-5 0.77351351 5.98916840 990.53860707 B-5 7.25%
B-6 0.77350326 5.98917253 990.53863826 B-6 7.25%
- ---------------------------------------------------- --------------------
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
-----------------------------------------------------------
DIANE WALLACE
CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-8583
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
<PAGE>
- ------------------------------------------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
- ------------------------------------------------------------------------------------------------------------
DISTRIBUTION: 25-Feb-97 Page 2
SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS 2,381,675.50
SEC. 4.02 (ii) SERVICING FEE 140,722.09
SEC. 4.02 (iv) CURRENT ADVANCES 13,276.44
OUTSTANDING ADVANCES 28,703.18
SEC. 4.02 (v) ENDING NUMBER OF LOANS 737
ENDING STATED PRINCIPAL BALANCE 224,464,960.37
SEC. 4.02 (vi) SENIOR PERCENTAGE 82.996459%
CLASS B PERCENTAGE 6.368482%
CLASS B1 PERCENTAGE 2.653469%
CLASS B2 PERCENTAGE 1.591729%
CLASS B3 PERCENTAGE 1.061741%
CLASS B4 PERCENTAGE 0.424520%
CLASS B5 PERCENTAGE 0.212260%
CLASS B6 PERCENTAGE 0.424763%
SEC. 4.02 (vii) ENDING RESERVE FUND BALANCE 3,000.00
SEC. 4.02 (viii) CLASS A-8 DISTRIBUTION DEFICIENCY 0.00
PAYMENTS UNDER POLICY 0.00
CLASS A-8 DISTRIBUTION 79,899.17
-----------------------------------------------
SEC. 4.02 (ix) DELINQ. & FORECLOSURES CATEGORY NUMBER STAT PRIN BAL
-----------------------------------------------
30-59 DAYS 4 1,462,386.31
60-89 DAYS 1 290,174.62
90+ DAYS 0 0.00
FORECLOSURE 0 0.00
-----------------------------------------------
-----------------------------------------------
SEC. 4.02 (x) RECENT REO PROPERTY LOAN # STAT PRIN BAL DATE OF ACQ.
-----------------------------------------------
N/A 0.00 N/A
-----------------------------------------------
SEC. 4.02 (xi) BOOK VALUE OF REO PROPERTY 0.00
SEC. 4.02 (xii) REMAINING SPECIAL HAZARD AMOUNT 3,714,454.00
REMAINING FRAUD LOSS AMOUNT 4,810,475.00
REMAINING BANKRUPTCY AMOUNT 100,000.00
UNPAID
CLASS INTEREST CLASS UNPAID INTEREST
-------------------------------------------------------
SEC. 4.02 (xiii) CLASS A-1 0.00 CLASS A-10 0.00
CLASS A-2 0.00 CLASS A-R 0.00
CLASS A-3 0.00 CLASS A-RL 0.00
CLASS A-4 0.00 CLASS B-1 0.00
CLASS A-5 0.00 CLASS B-2 0.00
CLASS A-6 0.00 CLASS B-3 0.00
CLASS A-7 0.00 CLASS B-4 0.00
CLASS A-8 0.00 CLASS B-5 0.00
CLASS A-9 0.00 CLASS B-6 0.00
<PAGE>
SEC. 4.02 (xiv) SENIOR PREPAYMENT PERCENTAGE 100.000000%
B1 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B2 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B3 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B4 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B5 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B6 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
SEC. 4.02 (xvi) RECOVERIES ON FORECLOSURES 0.00
SEC. 4.02 (xvii) WEIGHTED AVERAGE REMAINING TERM 344
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE 7.990060%
SEC. 4.02 (xix) GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT 2,529,015.12
GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT 18,641.59
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 11,162.95
POOL BALANCE 224,464,960.37
</TABLE>
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
Exhibit 20.3
- ---------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
- ---------------------------------------------------------------------------
DISTRIBUTION: 25-Mar-97 Page 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING REALIZED REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL LOSS LOSS CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 90,918,000.43 81,550,173.94 159,550.97 492,698.97 652,249.94 0.00 0.00 81,390,622.97
A-2 40,932,000.00 36,714,530.68 71,831.11 214,168.10 285,999.21 0.00 0.00 36,642,699.57
A-3 20,466,000.00 18,357,265.34 35,915.56 118,557.34 154,472.90 0.00 0.00 18,321,349.78
A-4 9,139,000.00 9,138,999.93 0.01 53,310.83 53,310.84 0.00 0.00 9,138,999.92
A-5 1,000,000.00 999,999.99 0.00 6,250.00 6,250.00 0.00 0.00 999,999.99
A-6 2,713,000.00 2,712,999.98 0.00 18,086.67 18,086.67 0.00 0.00 2,712,999.98
A-7 23,127,000.00 23,127,000.00 0.00 139,725.62 139,725.62 0.00 0.00 23,127,000.00
A-8 13,697,000.00 13,697,000.00 0.00 79,899.17 79,899.17 0.00 0.00 13,697,000.00
A-9 24,100,000.00 23,871,980.85 18,772.45 144,226.55 162,999.00 0.00 0.00 23,853,208.40
A-10 N/A N/A N/A 1,940.41 1,940.41 0.00 0.00 N/A
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-RL 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 6,013,000.00 5,956,108.75 4,683.77 35,984.82 40,668.59 0.00 0.00 5,951,424.98
B-2 3,607,000.00 3,572,872.81 2,809.64 21,586.11 24,395.75 0.00 0.00 3,570,063.17
B-3 2,406,000.00 2,383,235.93 1,874.13 14,398.72 16,272.85 0.00 0.00 2,381,361.80
B-4 962,000.00 952,898.15 749.34 5,757.09 6,506.43 0.00 0.00 952,148.81
B-5 481,000.00 476,449.07 374.67 2,878.55 3,253.22 0.00 0.00 476,074.40
B-6 962,552.00 953,444.95 749.77 5,760.40 6,510.17 0.00 0.00 952,695.18
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 240,523,752.43 224,464,960.37 297,311.42 1,355,229.35 1,652,540.77 0.00 0.00 224,167,648.95
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT. CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
- ------------------------------------------------- ---------------------
<S> <C> <C> <C> <C> <C>
A-1 1.75488868 5.41915757 895.20911794 A-1 7.25%
A-2 1.75488884 5.23229014 895.20911692 A-2 7.00%
A-3 1.75488908 5.79289260 895.20911643 A-3 7.75%
A-4 0.00000109 5.83333297 999.99999125 A-4 7.00%
A-5 0.00000078 6.25000000 999.99999300 A-5 7.50%
A-6 0.00000078 6.66666790 999.99999300 A-6 8.00%
A-7 0.00000000 6.04166645 999.99999982 A-7 7.25%
A-8 0.00000000 5.83333358 1000.00000000 A-8 7.00%
A-9 0.77893983 5.98450415 989.75968465 A-9 7.25%
A-10 N/A 0.14166679 N/A A-10 0.17%
A-R 0.00000000 0.00000000 0.00000000 A-R 7.25%
A-RL 0.00000000 0.00000000 0.00000000 A-RL 7.25%
B-1 0.77894063 5.98450358 989.75968402 B-1 7.25%
B-2 0.77894095 5.98450513 989.75968118 B-2 7.25%
B-3 0.77894015 5.98450540 989.75968412 B-3 7.25%
B-4 0.77893971 5.98450104 989.75967775 B-4 7.25%
B-5 0.77893971 5.98451143 989.75966736 B-5 7.25%
B-6 0.77893673 5.98450785 989.75970153 B-6 7.25%
- ---------------------------------------------------- --------------------
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
-------------------------------------------
DIANE WALLACE
CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-8583
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
<PAGE>
- ------------------------------------------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
- ------------------------------------------------------------------------------------------------------------
DISTRIBUTION: 25-Mar-97 Page 2
SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS 120,796.62
SEC. 4.02 (ii) SERVICING FEE 138,431.30
SEC. 4.02 (iv) CURRENT ADVANCES 10,456.83
OUTSTANDING ADVANCES 26,604.05
SEC. 4.02 (v) ENDING NUMBER OF LOANS 737
ENDING STATED PRINCIPAL BALANCE 224,167,648.95
SEC. 4.02 (vi) SENIOR PERCENTAGE 82.987297%
CLASS B PERCENTAGE 6.371913%
CLASS B1 PERCENTAGE 2.654899%
CLASS B2 PERCENTAGE 1.592586%
CLASS B3 PERCENTAGE 1.062313%
CLASS B4 PERCENTAGE 0.424749%
CLASS B5 PERCENTAGE 0.212374%
CLASS B6 PERCENTAGE 0.424992%
SEC. 4.02 (vii) ENDING RESERVE FUND BALANCE 3,000.00
SEC. 4.02 (viii) CLASS A-8 DISTRIBUTION DEFICIENCY 0.00
PAYMENTS UNDER POLICY 0.00
CLASS A-8 DISTRIBUTION 79,899.17
-----------------------------------------------
SEC. 4.02 (ix) DELINQ. & FORECLOSURES CATEGORY NUMBER STAT PRIN BAL
-----------------------------------------------
30-59 DAYS 2 631,269.53
60-89 DAYS 2 735,112.20
90+ DAYS 0 0.00
FORECLOSURE 0 0.00
-----------------------------------------------
-----------------------------------------------
SEC. 4.02 (x) RECENT REO PROPERTY LOAN # STAT PRIN BAL DATE OF ACQ.
-----------------------------------------------
N/A 0.00 N/A
-----------------------------------------------
SEC. 4.02 (xi) BOOK VALUE OF REO PROPERTY 0.00
SEC. 4.02 (xii) REMAINING SPECIAL HAZARD AMOUNT 3,714,454.00
REMAINING FRAUD LOSS AMOUNT 4,810,475.00
REMAINING BANKRUPTCY AMOUNT 100,000.00
UNPAID
CLASS INTEREST CLASS UNPAID INTEREST
-------------------------------------------------------
SEC. 4.02 (xiii) CLASS A-1 0.00 CLASS A-10 0.00
CLASS A-2 0.00 CLASS A-R 0.00
CLASS A-3 0.00 CLASS A-RL 0.00
CLASS A-4 0.00 CLASS B-1 0.00
CLASS A-5 0.00 CLASS B-2 0.00
CLASS A-6 0.00 CLASS B-3 0.00
CLASS A-7 0.00 CLASS B-4 0.00
CLASS A-8 0.00 CLASS B-5 0.00
CLASS A-9 0.00 CLASS B-6 0.00
<PAGE>
SEC. 4.02 (xiv) SENIOR PREPAYMENT PERCENTAGE 100.000000%
B1 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B2 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B3 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B4 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B5 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B6 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
SEC. 4.02 (xvi) RECOVERIES ON FORECLOSURES 0.00
SEC. 4.02 (xvii) WEIGHTED AVERAGE REMAINING TERM 343
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE 7.990027%
SEC. 4.02 (xix) GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT 267,297.65
GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT 18,772.45
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 11,241.32
POOL BALANCE 224,167,648.95
</TABLE>
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
